Gold falls by Rs 140 on global cues; silver slips from peak

While gold declined by Rs 140 to Rs 21,100 per 10 grams, silver shed Rs 1,000 to Rs 49,500 per kg. Both the metals had surged to record high levels yesterday. Trading sentiments for the yellow metal turned bearish as it fell from a seven-week high in overseas markets as retail customers refrained from purchasing at existing high levels.

In global markets, gold fell by USD 9.60 to USD 1,402.10 an ounce and silver by USD 1.43 to USD 32.11 an ounce. On the domestic front, silver ready suffered a setback of Rs 1,000 to Rs 49,500 per kg. It had climbed to all-time high of Rs 50,500 yesterday. Silver weekly-based delivery tumbled by Rs 1,320 to Rs 49,330 per kg.

Silver coins declined by Rs 400 to Rs 54,200 for buying and Rs 54,300 for selling of 100 pieces on reduced offtake by retailers. In line with a general weakening trend, gold of 99.9 and 99.5 per cent purity dropped by Rs 140 each to Rs 21,100 and Rs 20,970 per 10 grams, respectively. It had peaked at Rs 21,240 in the the last session.

However, sovereign held steady at Rs 17,200 per piece of eight grams in restricted buying for the ongoing marriage season.